by Caleb Fort
Daily Lobo
Sophomore Zach Mikelson racked up a $700 credit card debt his first year at UNM.
He spent most of his money on alcohol and eating out, and he often skipped meals to make up for the money he spent.
"There were a lot of dinners that were Ritz crackers and peanut butter," he said. "It wasn't really a good time."
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About one-third of college students said they were "not at all prepared" or "not very well prepared" for managing their budgets when they were freshmen, according to a survey of 1,003 students by Harris Interactive, a research company.
Sharla Reinhart, membership development director for New Mexico Educators Federal Credit Union, said she was not surprised by the findings of the survey.
The way students think about money has changed in the 13 years she's worked at the credit union, she said.
"We went from a very naive student who would come and have their parents helping them with everything to students who come in on their own and know everything - or think they do - and some of them go wild," she said.
Mikelson said his money problems were not a result of not knowing how to handle money.
"I think it was just that I had my priorities lined up wrong," he said. "I knew that I should have been saving more of my money, but I was just more worried about having fun."
Many students have the same problems, Reinhart said.
"They have a problem with spending beyond their means," she said. "I think they just haven't been taught that they have to take care of business before they get to have pleasure. You could blame it on our instant-gratification society."
Mikelson said he still has the credit card debt, but he has a better job and thinks more about how he spends his money.
"I guess I've gotten older and wiser," he said. "I don't really regret anything that I did, but I definitely could have been smarter about it."
According to the survey, 75 percent of students said they made mistakes with their money during their first year at college. The most common mistakes were spending too much on food and overusing credit cards.
Junior Tim Baca said he lost 15 pounds and gained a $1,300 credit card debt during his first semester.
He said college students have a hard time being responsible for their own budgets.
"When you're in high school, you really have a lot of disposable income," he said. "Then when you get to college, suddenly you have to worry about a lot more, but we still kind of go out and spend money without thinking about it."
In the survey, 15 percent of students said they almost always chose to go out to have fun rather than stay home and save money.
Junior Sara Holmes said she hasn't had any problems with money, because she worked during her freshman year and saved about $3,000, which she has lived off for the past two years.
"Of course, it's almost gone now, so I guess I'll have to go back to work soon," she said.
Her parents and a high school class about budgeting helped her stay out of financial trouble, she said.
"My parents always had an allowance set, so I always had to think about what I was going to spend money on and how much I was going to save," she said. "I guess that I kept thinking about that when I came to college."
It shouldn't be up to parents or schools to help students manage their money, Baca said.
"I think it's an individual problem," he said. "I think it's up to the student to figure out how to do the right things with their money."
He said there is some simple advice for students concerned about their spending habits.
"Watch your spending," he said. "Don't get too carried away with buying things you don't need. And you should eat."
